The U.S. economy’s recent weakness may not hold back world economic growth as it would have in past years, if other countries are able to pick up the slack, the Conference Board says in its U.S. Outlook – Summer 2007.

“Although the United States will continue to be an important component of the global economy, the rise of other economies means that the U.S. will not have to be the dominant engine of growth that it has been in the past,” said Kip Beckman, principal research associate, in a news release. “Spreading the burden for global economic growth around to countries other than just the United States is not a bad thing, particularly if other parts of the world are doing well.”

The U.S. economy has been growing below its potential for the past few quarters, and is expected to expand by just 2.2% this year, compared to global growth of more than three% (when measured at current exchange rates). The troubled U.S. housing market may not have hit bottom yet, but solid growth in exports and investment spending will offset the drag on the economy caused by the housing sector slowdown.

For years, U.S. consumer spending has created a ready market for goods produced in other countries. The Japanese economy and many European economies, which languished in the early part of this decade, have begun to post stronger growth. Given that the United States continues to run huge trade deficits, it is a positive development that China, India, Japan and Europe have become more vibrant markets for U.S. and global exports, and pick up some of the slack for global economic growth.